Second Chance Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2020 is available for Second Chance. The company desires a $36 proft margin per hour of labor and a 22.00% profit margin on parts. It has budgeted for 7,300 hours of repair time in the coming year, and estimates that the total invoice cost of parts and materials in 2020 will be $416,000. Compute the rate charged per hour of labor. Labor rate $ per hour